Softer Panda – Harder Penguin?

It seems from all reports so far that those who recovered in this last
weeks (Softer Panda Update), for the most part were suffering
originally from Penguin 2 and following it’s introduction on May 22
last year when they first started to see drops which continued until
this update: http://moz.com/google-algorithm-change.

So it’s confusing, What was the cause? Penguin or Panda? or are they
connected?

Matt recently said about the Softer Panda:

‘We are looking at Panda and seeing if we can find some additional
signals, and we think we’ve got some to help refine things for sites
that are kind of in the border zone, the gray area a little bit, And
so if we can soften the affect a little bit, for those sites, that we
believe have got some additional signals of quality, that will help
sites that were previously affected – to some degree.’

It is hypothesized that the ‘additional signals’ are from Penguin
(back links), and that if sites have been flagged as having low
quality links, then the quality of the content would also be seen as
suspicious. Leaving the only logical question, is Penguin affecting
Panda or is Panda affecting Penguin.

The next question is what will happen when Penguin 3 arrives next
month?